We’ve been hearing the news that the FG wants to redesign the N200, N500, and N1000 bank notes by December 15, 2022.
Orders coming from the central bank are that Banks should work on Saturdays till January 31st to enable customers to return the existing banknotes.
Osita Nwansiobi, the CBN Director, cooperate Communications department at the CBN fair in Ilorin that the old banknotes shall remain legal tender until 31st of December when they’ll seize to remain legal tender.
“They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.“Consequently, you must return all the current N200, N500, and N1,000
banknotes to your bank before the expiration of the deadline,” he said.
CBN also warned Nigerians to handle the old banknotes with care and not to squeeze disfigure or damage them or even spray it on occasions
“Let me also reiterate the need to handle the naira with care.”
“Do not spray, squeeze or counterfeit the naira, as default goes with consequences
Many Nigerians have condemned the plans to redesign the naira notes, as they feel that the country is going through a lot of crises, and redesigning the naira notes, should not be our major priority now.
